Lockport Union-Sun & Journal — Greater Lockport Development Corporation is on the verge of securing Trek Inc. as Harrison Place’s anchor tenant — but the deal is not done yet, development agency officials are cautioning.
Even as director R. Charles Bell said so Wednesday morning, however, major elements of a deal continued falling into place with the Niagara County Industrial Development Agency’s acceptance of a tax-relief application from 201 Walnut St. LLC, the GLDC subsidiary that “owns” Harrison Place.
According to Bell, GLDC and Trek are “close” to finalizing a 10-year lease deal, under which Trek would relocate to Harrison Place from Medina, bringing 72 manufacturing/assembly, technical and administrative jobs with it by next summer, and 24 new jobs within two years.
In exchange, GLDC would sink $4 million into renovation of three-story Building 4, mostly by two loans. The rent that Trek would pay remains to be determined after loan terms are finalized, Bell said; rent would be charged to cover those monthly payments, so that the agency is recapturing its investment over the life of the lease. The company would occupy the first two floors of the building and reserve the right to expand to the third floor within five years.
‘Stars lining up’ for Lockport
Wednesday morning at the IDA office in Sanborn, Trek President Michael Dehn also characterized the deal as tentative, but he seemed hard-pressed to contain his enthusiasm for the idea of moving to Harrison Place.
Trek has outgrown its 30,000 square foot current headquarters on Maple Ridge Road and it’s been looking for a new site, one big enough to accommodate future growth, for a while. Dehn said 20 or so sites were checked out in Orleans, Erie and Niagara counties, as well as the state of North Carolina and the city of Tokyo, where Trek Japan KK is based.